Business Law (Chapters 7)

Question 1 2 / 2 pts A contract must show..

Business Law (Chapters 7)

Question 1

2 / 2 pts
A contract must show mutual agreement, which is also referred to as “a meeting of the minds.”

True

False

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Question 2

2 / 2 pts
If an agreement imposes a legal obligation, then it is a(n):

enforceable contract.

a negated concurrence.

unenforceable contract.

a void contract.

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Question 3

2 / 2 pts
A(n) _____ contract is an agreement that results in an obligation that is legally enforceable.

valid

void

voidable

invalid
: B

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Question 4

2 / 2 pts
A contract may be extended and revised as needed to reflect the wishes of the parties.

True

False

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Question 5

2 / 2 pts
If only one party promises something, such as paying a certain amount of money, and the other party promises nothing, then the agreement lacks:

offer and acceptance.

legality of purpose.

consideration.

competence.

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Question 6

2 / 2 pts
A contract in which some future act or obligation remains to be performed under its terms is known as a(n):

contingent contract.

executed contract.

executory contract.

statutory contract.

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IncorrectQuestion 7

0 / 2 pts
An executed contract is one in which all terms of the agreement have been fully performed by at least one party.

True

False

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Question 8

2 / 2 pts
A telephone conversation can result in a(n):

statutory contract.

enforceable oral contract.

informal contract.

contingent contract.

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Question 9

2 / 2 pts
A simple contract is not:

formal

written.

implied.

oral.

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Question 10

2 / 2 pts
A promise to give up something of value that a person has a legal right to keep or to agree to do something that a person is not legally required to do is known as consideration.

True

False
Question 1

2 / 2 pts
A simple contract is not:

formal

oral.

implied.

written.

Question 2

2 / 2 pts
A contract in which some future act or obligation remains to be performed under its terms is known as a(n):

contingent contract.

executory contract.

statutory contract.

executed contract.

Question 3

2 / 2 pts
All but one of the following elements is required of an enforceable contract. The exception is:

malafide intention.

offer and acceptance.

consideration.

mutual agreement.

Question 4

2 / 2 pts
If only one party promises something, such as paying a certain amount of money, and the other party promises nothing, then the agreement lacks:

offer and acceptance.

legality of purpose.

competence.

consideration.

Question 5

2 / 2 pts
If an agreement imposes a legal obligation, then it is a(n):

enforceable contract.

a void contract.

unenforceable contract.

a negated concurrence.

Question 6

2 / 2 pts
A contract must show mutual agreement, which is also referred to as “a meeting of the minds.”

True

False

Question 7

2 / 2 pts
A(n) _____ contract is an agreement that results in an obligation that is legally enforceable.

voidable

invalid
: B

valid

void

Question 8

2 / 2 pts
An offer is a proposal made by one party (offeror) to another (offeree) that indicates willingness to:

reject an offer.

enter into a contract.

negotiate a service or exchange.

consider a service or exchange.

Question 9

2 / 2 pts
A telephone conversation can result in a(n):

informal contract.

enforceable oral contract.

contingent contract.

statutory contract.

Question 10

2 / 2 pts
A promise to give up something of value that a person has a legal right to keep or to agree to do something that a person is not legally required to do is known as consideration.

True

False

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